Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : CURLEW LAKE RESOURCES (CWQ-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: johnlag who wrote (425)	8/25/1999 2:50:00 PM
From: Spiney	Respond to of 701

Curlew executes participation agreement with Tri-Valley Oil Curlew Lake Resources Inc CWQ Shares issued 22,764,526 Aug 24 close $0.15 Wed 25 Aug 99 News Release Mr. Robert Pincombe reports Curlew Lake Resources has executed a participation agreement and a joint operating agreement with Tri-Valley Oil and Gas. In order for Curlew Lake to earn its working interest in TRIL's Ekho project, the company is required to finance 5 per cent of the initial $9.5-million (U.S.) authority for expenditure (AFE). The AFE includes a $1-million (U.S.) contingency. The Ekho project is a deep oil and gas exploration project in the San Joaquin Valley, Kern county, Calif., east of the now famous Bellevue No. 1 well. It is expected that the first Ekho project well will be spudded in the third quarter of 1999. TRIL will be the operator and will conduct all drilling and production operations on the Ekho project. Pursuant to the terms of the participation agreement, TRIL will be carried for 12.5-per-cent interest through drilling and completion. After completion, TRIL will pay its proportionate share of well costs. After the partners are paid back their drilling and completion costs from production, TRIL will back in for an additional 12.5 per cent to bring its total working interest to 25 per cent. The company must participate in the first well in the project to earn the right to participate in any further wells and must further participate in the first three wells in order to earn the continuing right to participate on a heads up basis in other wells drilled within an area of mutual interest (AMI). The Ekho project area is in the Southern San Joaquin Valley, Kern county, Calif., one of North America's richest and most historic petroleum basins. The valley district has produced 11.4 billion barrels of oil and 7.1 trillion cubic feet of gas from 22 giant fields and dozens of smaller fields since the early 1900s. TRIL started leasing acreage in the project area in 1997 and has to date, leased approximately 10,000 acres within the AMI. The Bellevue No. 1 blowout demonstrated that California's Great Central Valley has the potential to exploit even deeper reserves of oil and gas and the flow rates indicate that giant reserves of oil and gas are possible. The similarities that exist between the stratigraphy and structure of the Bellevue No. 1 and the Ekho project area, coupled with the presence of oil and gas in surrounding wells, indicate that the Ekho project has the potential for a discovery similar to Bellevue No. 1.

To: johnlag who wrote (425)	8/26/1999 8:33:00 PM
From: Taff	Read Replies (2) \| Respond to of 701

Thursday August 26, 4:44 pm Eastern Time Company Press Release TVOG Gets First Tranche On Project Ekho BAKERSFIELD, Calif.--(BUSINESS WIRE)--Aug. 26, 1999--Ten Canadian resource companies have executed final documents and paid their nonrefundable earnest money to participate in Project Ekho, a deep oil and gas play near Bakersfield, it was announced Thursday by Tri-Valley Oil & Gas Co., operator of the play. The balance of their subscriptions for the $9.5 million initial test well must be in no later than Sept. 15, 1999. The Ekho Project Area is located in the Southern San Joaquin Valley, Kern County, Calif., one of North America's richest and most historic petroleum basins. The Valley district has produced 11.4 billion barrels of oil and 7.1 trillion cubic feet of gas from 22 giant fields and dozens of smaller fields since the early 1900s. Even today the Valley District produces more than two times as much oil per day as the entire state of Oklahoma. TVOG started leasing acreage in the project area in 1997. Scheduled for 19,000 feet, the Ekho No. 1 will probe a huge, deep target mapped by TVOG from its proprietary and licensed data. The blowout last year of a deep well being drilled by other companies on the northwest flank of Project Ekho gave strong encouragement to TVOG and its partners that the Ekho potential is enormous. A well drilled to relieve and extinguish the blowout is now being completed with delivery estimates as high as 50 million cubic feet per day of high btu natural gas. Working interest partners on the Ekho No. 1 test well are: Company Stock Exchange/Symbol Initial Percentage Aster Ventures Corp. VSE / ASV 20% Curion Ventures Corp. VSE / CUV 20% Berkshire International Mining Ltd. VSE / BKR 10% Lucre Ventures Ltd. VSE / LVD 10% Consolidated Bradbury Int'l Equities Ltd. VSE / CBN 5% Curlew Lake Resources Inc. VSE / CWQ 5% CVL Resources Ltd. VSE / CVL 6.64% Pan Ocean Explorations VSE / POE 5% Prairie Pacific Energy Corp. ASE / PRP 5% Royal Int'l Venture Corp. VSE / RIL 5% Individuals 8.36% Total Initial Working Interest 100% These interests will be proportionately reduced by TVOG, which will be carried for 12.5% interest through drilling and completion. After completion, TVOG will pay its proportionate share of well costs. After the partners are paid back their drilling and completion costs from production, TVOG will back in for another 12.5% to bring its total working interest to 25%. This will apply on the first three wells in the project. Parties participating in all three initial wells earn an ongoing right of first refusal to participate on a well-by-well basis in subsequent wells in a comprehensive area of mutual interest. TVOG is the wholly owned subsidiary of Tri-Valley Corp., which is publicly traded over-the-counter on the electronic bulletin board under the symbol ''TRIL.'' Both companies have headquarters in Bakersfield and share the Web site www.tri-valleycorp.com. This news release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-QSB for the quarter ended June 30, 1999, and the annual report on Form 10-KSB for the year ended Dec. 31, 1998. -------------------------------------------------------------------------------- Contact: Tri-Valley Oil & Gas Co., Bakersfield F. Lynn Blystone/J. R. Kandle, 661/837-9300 661/837-9309 (fax)